Euro & Pound Trend Down

Chart courtesy of Dynamic Trader. Data provided by eSignal.

As mentioned on Friday we were possibly going down on the Euro and Pound and that is exactly what has happened. Remember, I said sell the rallies? Well I hope those of you did just that yesterday after news came out resulting in the Euro & Pound providing a short lived rally.

In case you didnt because you were under the impression the Euro might continue to go up, the price hit around a fib reversal which was an ideal shorting opportunity again as it was on Friday. If you had shorted it then well done to you for taking the initiative. If you had not shorted then remember to sell the rallies.

Short opportunities worth considering: Euro & Pound.

Long Opportunities worth considering: Canadian Dollar but beware resistance at 1458.

As always, please ensure you do your own research and analysis and derive to your own consclusions before placing and trades.

Good luck.